Transparency
Focused on supply for finance, this pillar of activities monitors financial institutions' sustainability practices such as net-zero commitments.
We conduct robust and data-driven research based on strong expertise in climate finance analysis. We contribute to improving science-based methodologies and reliable and transparent frameworks at international level.
Transparency and accountability are essential to ensure the financial sector contributes positively to the sustainable transition of the real economy. Improving the regulatory framework is essential to ensure consistency and credibility in sustainability disclosures.
Since the Paris Financial Center statement and launch of the Observatory
Through the Net Zero Donut methodology
SFDR / Art. 29 LEC regulatory reports collected and analysed with ADEME
Focus on the Net Zero Donut
The Net Zero Donut® is a tool designed by the Sustainable Finance Observatory to monitor and assess the credibility and ambition of net-zero commitment implementation by financial institutions. It includes four components: (a) an exclusive framework assessed by PARC’s Scientific and Expertise Committee; (b) an online interactive data visualization tool; (c) a dataset of currently 60+ financial institutions including 220+ indicators; and (d) annual analysis reports based on this data. It is co-funded by ADEME and led by the Sustainable Finance Observatory with the voluntary contribution of our members and PARC’s Scientific and Expertise Committee.
Deep dive into the Net Zero Donut
Focus on the Climate Transparency Hub
Since the French Energy and Climate Law and the 2021 decree implementing Article 29, French investors have been required to publish annually, through what is known as ‘Article 29 LEC’, a report describing their practices for taking into account sustainability aspects (environmental, climate and biodiversity, social and governance criteria) in their investment activities. To give these reports greater visibility and facilitate their analysis, the law entrusts ADEME with the task of collecting and publishing these reports in a centralized manner on a publicly accessible website: the Climate Transparency Hub (CTH). ADEME, with the support of the Sustainable Finance Observatory, carries out an annual analysis of these reports, to identify statistical trends in reporting and improve financial institution reporting practices. Until 2024, this analysis was carried out with the contribution of the LIFE Finance ClimAct program.
Read more about the Climate Transparency Hub
Focus on the ADEME-Sustainable Finance Observatory partnership
The ADEME-Sustainable Finance Observatory partnership is the core program of our Transparency pillar.
Read more about ADEME-Sustainable Finance Observatory partnership
Snapshot on our content
Meet our Transparency team
Edouard Vilpoux
Lead Sustainable Finance Economist
Edouard is in charge of the Transparency pillar of our activities. After research studies in economics at the Paris School of Economics where he specialized in financial and monetary economics and banking history, he worked at Rothschild & Co for six years, in various roles related to corporate financing wealth and asset management, from corporate banker assistant to private banker. He joinded the Observatory in 2024 and his work focuses on financial institutions' climate transition plans.
Dajana Jata
Senior Sustainable Finance Analyst and Scientific Referent
Dajana has a PhD in Sustainable Finance from the University of Nantes and has worked at the IMF and ESMA. Her studies covered various subjects related to climate finance, notably transition finance products, ESG ratings and financed emissions. She joined the Observatory in 2025 as a senior analyst in the Transparency pole. She is also the Observatory's Scientific Referent and liaies with PARC's Scientific and Expert Committee.
Raphaël Lebel
Managing Director
Raphael Lebel joined Finance for Tomorrow in 2020 to launch the “Observatoire de la finance durable.” He coordinates Paris’s financial ecosystem around transition commitments, strengthens partnerships with public authorities and financial institutions, and promotes the initiative on the international stage, including at COP26. A board member of 2DII since 2024, he became General Manager of the newly merged entity, the Sustainable Finance Observatory. He holds a degree from Mines-Télécom and previously worked at WWF France, founds startups and digital companies. Alongside his executive role, Raphael teaches on climate and finance, supports impact-driven ventures, and volunteers with other NGOs